Trina Solar Limited announced its unaudited financial results for the first quarter of 2014. The net revenues decreased 15.4% from the previous quarter due to less solar module shipments. However, its gross margin and profit increased because Trina sold certain power plant projects in this quarter.
First Quarter 2014 Financial and Operating Highlights
- Solar module shipments were 558.0 MW during the first quarter of 2014, compared to 770.1 MW in the fourth quarter of 2013
- Net revenues were $444.8 million, a decrease of 15.4% from the fourth quarter of 2013
- Cost of revenues was $353.3 million, a decrease of 20.9% from the fourth quarter of 2013
- Gross profit was $91.5 million, an increase of 15.7% from the fourth quarter of 2013
- Gross margin was 20.6%, compared to 15.1% in the fourth quarter of 2013
- Operating income was $38.2 million, an increase of 93.1% from the fourth quarter of 2013
- Operating margin was 8.6%, compared to 3.8% in the fourth quarter of 2013
- Net income was $26.5 million, an increase of 73.5% from the fourth quarter of 2013
- Earnings per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) was $0.37, compared to $0.21 in the fourth quarter of 2013
